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Matador Preps to Drill at Stateline Asset; Two-Rig, Nine Well Program

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   |    Tuesday,December 17,2019

Matador Resources Co. announced the successful approval and receipt of 14 drilling permits from the Bureau of Land Management (BLM).

The permits are for operations at its Stateline asset area in southern Eddy County, New Mexico.

Furthermore, Matador has received more than 100 additional drilling permits to conduct drilling operations in other portions of its federal leasehold in Lea and Eddy Counties, New Mexico.

Stateline Asset & Drilling Plans

Two Rig Program / 2.5-Mile Laterals

Matador intends to move two of its operated drilling rigs to the Stateline asset area to initiate a multi-year drilling program there, with the two rigs now anticipated to begin drilling operations in late December 2019 and January 2020, respectively.

Matador currently plans to develop this acreage block drilling 2.5-mile laterals.

Nine Wells from Two Pads

Of the 14 permits the Company has received in its Stateline asset area, Matador initially expects to drill nine wells from two pads on this acreage, including five wells on one pad and four wells on an adjacent pad.

The five-well pad is expected to test the Avalon, Second Bone Spring, Wolfcamp A-XY, Wolfcamp A-Lower and Wolfcamp B formations, while the second pad is expected to test these same intervals with the exception of the Avalon formation. Both initial drilling pads will be located on the eastern side of the Stateline asset area.

Expected TIL by Q3 2020

These nine wells are expected to be completed and turned to sales late in the third quarter of 2020 in conjunction with the expected completion of the expansion of a cryogenic natural gas processing plant in Eddy County, New Mexico by San Mateo Midstream, the Company's 51%-owned midstream joint venture.

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